Deputy President Paul Mashatile recently took a trip to London, and he had some pretty important things to say about the future of South Africa’s economy.
On Monday, Mashatile spoke at a Bloomberg roundtable discussion in London. He was there as part of a weeklong working visit, following a successful trip to Ireland. The main goal? To improve trade and investment relations between South Africa and the UK.
Building on Past Successes
Mashatile didn’t mince words about why he and his team were in the UK. They’re looking to build on the good work that President Cyril Ramaphosa did during his state visit in 2022. The focus is on working together for:
- Inclusive economic growth
- Addressing climate change challenges
- Balancing and increasing trade between the two countries
Key Areas of Focus
So, what’s at the top of Mashatile’s to-do list? He’s keen on:
- Advancing inclusive and sustainable economic growth
- Tackling poverty and the high cost of living
- Strengthening partnerships in various sectors
These sectors include trade, investment, skills development, science, innovation, tourism, and the Just Energy Transition.
The Role of the Government of National Unity (GNU)
Mashatile emphasized that the GNU is working hard to achieve some important goals:
- Sustainable economic growth
- Alleviating poverty
- Lowering the cost of living
- Developing an ethical, capable developmental State
He believes the GNU is the best way to move the country forward, putting aside differences for the greater good.
A Message to Investors
For those with business interests in South Africa, or those thinking about investing, Mashatile had some reassuring words. The GNU is working to create a good environment for businesses to thrive.
“As the new government, we will continue to hold the United Kingdom in a special place in our hearts, not only due to our historical ties but also because of the immense potential for collaboration and growth that exists between our two countries.”
Aiming for a Win-Win Situation
By strengthening trade and investment relationships, South Africa hopes to create a situation where both countries benefit. This could lead to economic prosperity and stability for everyone involved.
Addressing Challenges
Mashatile didn’t shy away from talking about the challenges both countries face. Things like:
- The aftermath of the COVID-19 pandemic
- The energy crisis
- The Russia-Ukraine war
These have all affected economic growth. But Mashatile was quick to point out that South Africa is making progress in terms of economic growth and development.
An Invitation to UK Businesses
Mashatile encouraged UK businesses to invest more in South Africa. He assured them that investments in the country are secure, with a stable business and political environment, supported by policy certainty and regulatory safeguards.
Tackling South Africa’s Challenges
The Deputy President outlined some of the steps South Africa is taking to address its challenges:
- Boosting investment in electricity generation
- Allowing more private participation in the freight-rail network
- Reforming the work permit system
He also mentioned that measures to deal with load shedding are already showing results.
South Africa’s Interest in the UK
Interestingly, Mashatile mentioned that South Africa is also looking to expand its investments in the UK. He sees the UK as a major economic powerhouse with lots of opportunities for South African businesses.
The Benefits of Collaboration
Mashatile believes that by working together, South Africa and the UK can:
- Promote economic growth
- Create job opportunities
- Improve the standard of living for citizens in both countries
He stressed South Africa’s commitment to fostering a strong, mutually beneficial relationship with the UK government, based on shared values of democracy, freedom, and economic prosperity.
Mashatile and the South African government are eager to strengthen ties with the UK. It’ll be interesting to see how these efforts unfold in the coming months and years. What do you think about these plans? Do you see potential benefits for both countries? Let’s keep an eye on this developing story!